Redrow boss Steve Morgan said the housebuilder's recovery remained on track after a return to half-year profits was followed by encouraging January trading.

The owner of Wolverhampton Wanderers, who two years ago rejoined the company he founded in 1974 after it posted its worst-ever set of results, said reservations in the first six weeks of 2011 are "comfortably up" on a year ago but it was too early to judge the key spring buying season.

He has revived the company by returning it to its roots and building more family homes under its New Heritage Collection, which reduces the company's exposure to first-time buyers who are struggling to get mortgages.